Trading platform IG’s boss steps down amid regulatory uncertainty
Online trading platform IG’s chief executive, Peter Hetherington, is set to stand down immediately, as European regulations begin to bite.
Hetherington’s three-year tenure as group chief executive draws to a close today, though he will stay on to help manage the search for a successor at the spread betting platform.
Chief financial officer Paul Mainwaring will serve as acting chief exec while the search is underway.
During his reign, Hetherington helped spur higher demand for various betting products from retail and professional investors, leading to earnings per share and profits before tax climbing 65 per cent higher than they stood in 2015.
But IG has suffered from EU regulators introducing stricter rules governing the industry, stifling its share price and revenues.
Its stock sank further on the news, down over four per cent in early morning trading.
Hetherington said: "I wish the company every success and am proud of the recent progress we have made in improving engagement, diversity and in developing the many very talented people who work at IG.
“There is a great deal of change underway in the retail trading industry and I have every confidence that this team will continue to drive the business forward successfully in the future.”
IG chairman Andy Green commended Hetherington for steering the company through “an unprecedented period of regulatory uncertainty”.
“I particularly commend Peter for his strong ethical leadership of IG and his management of its recent performance,” he added.
“The company will continue to focus on the delivery of its immediate priorities that Peter has set which the board believes are successfully positioning IG for its next stage of development."